Directions for Banking Enterprises while Assisting Customers to Declare Foreign Exchange Receipts and Disbursements or Transactions

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Title：

Directions for Banking Enterprises while Assisting Customers to Declare Foreign Exchange Receipts and Disbursements or Transactions

Inactive Regulations

Announced Date： November 18, 1998

Amended Date： November 13, 2018（effective from November 15, 2018）

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1.

1. Banking enterprises shall assist customers to make truthful declarations pursuant to the Regulations Governing the Declaration of Foreign Exchange Receipts and Disbursements or Transactions (hereinafter referred to as “the Regulations for Declaration”) when customers settle foreign exchange against the New Taiwan dollar.

2.

2. Banking enterprises that handle the declaration of foreign exchange settlement against the New Taiwan dollar in accordance with Subparagraph 3, paragraph 1, Article 4 of the Regulations for Declaration shall enquire online and count the amount in the declarant's aggregate settlement amount of the current year, and shall notice that:

(1) Banking enterprises shall prevent the declarant from using a third party name to make the declaration.

(2) Banking enterprises are not required to enquire online about the declarant's aggregate settlement amount of the current year for declarations of foreign exchange settlement by non-residents.

(3) For the declaration of an inward remittance which has originally been remitted out of the R.O.C. and counted toward the aggregate settlement amount of the current year as provided in Subparagraph 3, paragraph 1, Article 4 of the Regulations for Declaration (hereinafter referred to as "Annual aggregate Settlement Amount"), the declarant is entitled to settle the inward remittance. Banking enterprises are not required to enquire online or count the amount of settlement in the declarant's aggregate Settlement Amount of the current year. In addition, the Banking enterprise shall write down the amount and the date of foreign exchange sale of inward remittances on the declarant's original Foreign Exchange Sale Memo, affix the signature/seal, and retain a photocopy for future reference.

(4) The enquired record of the settlement amount shall be printed out on the banking enterprise's receipt slip of the Declaration Statement of foreign exchange receipts and disbursements or Transactions (hereinafter referred to as "Declaration Statement") to facilitate on-site examination by the Central Bank of the Republic of China (Taiwan) (hereinafter referred to as "the Bank") and other financial auditing authorities.

3.

3. Banking enterprises that engage in foreign exchange settlements against the New Taiwan dollar in accordance with Subparagraph 5, paragraph 1, Article 4, of the Regulations for Declaration shall be aware that the settlement amount for a single transaction is limited to a maximum of United States dollars 100,000. Such Banking enterprises shall strive to prevent declarants from breaking up large settlements into smaller ones to avoid the provision of Article 6 of the Regulations for Declaration which requires that large foreign exchange settlement amounts may only be completed after obtaining the Bank's approval. Banking enterprises that engage in foreign exchange settlements against the New Taiwan dollar in accordance with paragraph 3, Article 5 of the Regulations for Declaration shall be aware that the cumulative settlement amount shall not exceed the limit approved by the competent authorities.

When processing remittance for international humanitarian assistance made by a domestic public-service charity, a banking enterprise should count the remittance amount toward the charity’s aggregate settlement amount of the current year. However, if the international humanitarian assistance plan used by such charity has been approved by the competent authority, and the settlement amount is in compliance with the amount approved by the competent authority, the settlement handled by the banking enterprise after affirming that the documentation is consistent shall be excluded from the charity's aggregate settlement amount of the current year.

4.

4. For officials of diplomatic missions in the Republic of China and their family members holding an Identification Card issued by the Ministry of Foreign Affairs, and persons bearing R.O.C. passports issued by the Ministry of Foreign Affairs but not having a Citizen’s ID Cards, the amount of foreign exchange settlement against New Taiwan dollars shall be the same as that for non-residents.

There is no restriction on the amount of foreign exchange settlement against New Taiwan dollars for diplomatic missions in the R.O.C., regardless of the nature of the settlement.

The aggregate settlement amount of the current year for medical clinics, accounting firms, law firms and charitable trusts established with approvals of the relevant competent authorities that have not carried out business registration shall be the same as that for associations.

5.

5. Banking enterprises processing the settlements of remittances made by a listed company on behalf of his foreign employees (excluding Mainland China employees) for inward remittance of purchasing the said company’s shares or for outward remittance of selling shares or distributed cash dividends, if the settlement amount per transaction made by each foreign employee not exceeding US$100,000, may process the settlements after verifying the declaration statement and the detailed list of settlements filed by the listed company (the contents thereof shall include name of the employee, his nationality, identification card number, numbers of shares acquired (sold), amount of cash dividends and the settlement amount). However, if a single settlement made by a foreign employee exceeds US$100,000, the listed company shall apply for the approval of the Bank’s Department of Foreign Exchange (hereinafter referred to as the “Department”) through a Banking enterprise before the Banking enterprise may process the settlement.

Banking enterprises processing the settlements of remittances made by a Taiwan branch (or subsidiary) of a foreign company on behalf of domestic employees for outward remittance of purchasing the said foreign parent company’s shares or for inward remittance of selling shares or distributed cash dividends received from the foreign parent company, if each settlement amount made by the domestic employee is less than NT$500,000 or the equivalent thereof, Banking enterprises may process the settlements after verifying the declaration statement and the detailed list of settlements filed by the Taiwan branch (or subsidiary) of the foreign company (contents thereof shall include the name, identification card number and settlement amount of each employee). Such domestic employee not need to fill out a Declaration Statement, and the above-mentioned settlement amount would not be counted in the aggregated settlement amount of the current year of the employee. However, if a single settlement amount made by the domestic employee exceeds NT$500,000 or the equivalent thereof, the Taiwan branch (or subsidiary) shall annotate the date of birth of the employee in the detailed list of settlements filed with the Banking enterprise and this amount shall be counted in the aggregate settlement amount of the current year of the said employee.

6.

6. When engaging in a single foreign exchange transaction against the New Taiwan dollar for an amount less than NT$500,000 or the equivalent thereof, the customer is not required to complete a Declaration Statement and the settlement amount will not be counted toward the aggregate settlement amount of the current year.

Banking enterprises shall, however, be aware of and strive to prevent customers from breaking up a large settlement into smaller ones to evade the required declaration and enquiries about the aggregate settlement amount of the current year.

7.

7. When processing a declaration of remittance settlement relating to loans borrowed by a firm from its subsidiary in a third area or Mainland China and subsequent repayments of principal and interest paid by the firm for investment in a third area or Mainland China that has been approved by (or reported to) the Investment Commission of the Ministry of Economic Affairs ( hereinafter referred to as the “Investment Commission”), banking enterprises shall, depending upon the circumstances, take note of the following situations:

(1) For the settlements of funds borrowed from a third area or Mainland China and remitted into Taiwan: Banking enterprises shall verify the letter from the Investment Commission approving the firm to invest in a third area or Mainland China, documents evidencing the loan from its subsidiary and the accuracy of the "Declaration Statement for Loans Received by Taiwan Firms from Third Area Subsidiaries" or the "Declaration Statement for Loans Received by Taiwan Firms from Mainland China subsidiaries" (in duplicate, see Attachments 1, 2) before processing the settlemant. The settlement amount of inward remittances of principal of loans shall not be counted toward the firm's aggregate settlement amount of the current year.

(2) For the settlement of the repayment of principal and interest to be remitted to a third area or Mainland China: A firm may present the second slip of the aforementioned original "Declaration Statement for Loans" issued by a banking enterprise when purchasing foreign exchange for the repayment of principal and interest. Foreign exchange purchased for the repayment of principal and interest shall not be counted toward the firm's aggregate settlement amount of the current year.

8.

8. When processing the settlements of inward remittances of dividends and profits and subsequent outward remittances made by firms described in Article 7, banking enterprises shall, depending upon the circumstances, beware of the following matters:

(1) Settlements of inward remittances of dividends and profits from a third area or Mainland China: Banking enterprises shall verify the letter from the Investment Commission of the Ministry of Economic Affairs approving the firm to invest in Third Area or Mainland China and all relevant documents regarding dividend distribution and the profits of such subsidiaries located in Third Area or Mainland China provided by such firms. Banking enterprises may process the settlements after verifying that the “Declaration Statement for Inward Remittance of Dividends and the Profits from its Subsidiaries in a third area" or the "Declaration Statement for Inward Remittance of Dividends and Profits from Mainland China Subsidiaries" (in duplicate, see Attachments 3,4) is correct. Such settlement amount for dividends and profits from its subsidiaries in a third area or Mainland China will not be counted toward the firm’s aggregate settlement amount of the current year.

(2) Subsequent settlement of outward remittances from Taiwan: A firm may apply to engage in such outward remittance based on the above-mentioned "Declaration Statement for Inward Remittance of Dividends and Profits" issued by banking enterprises. There is no restriction on the nature and designated area of such remittance; however, for outward remittances to the Mainland China area, the firm shall follow Article 26. If the firm possesses the dividends and profits remitted inward in a foreign currency, the subsequent outward remittances shall be made in the foreign currency. If the inward remittances of dividends and profits were settled in New Taiwan dollars, then the firm may make outward remittances either by using its own foreign exchange deposit or purchasing foreign exchange. Such settlement of outward remittances will not be counted toward the firm’s aggregate settlement amount of the current year.

9.

9. Banking enterprises shall assist a declarant to truthfully fill out the "declarant's ID number" on the Declaration Statement in accordance with the following provisions:

(1) Companies and firms: Indicate the Uniform Business No. provided by the competent authorities for its establishment and registration.

(2) Associations, representative offices and business offices: Indicate the uniform tax withholding number assigned by the competent authorities or tax authorities. For associations, representative offices and business offices without such uniform number, indicate the name of the competent authorities approving its registration and its registration certificate number.

(3) Individuals:

A. An individual with a Citizen's ID Card: Write down the Citizen’s ID No. and date of birth.

B. Holder of a relevant Taiwan Area Resident Certificate or Alien Resident Certificate with a validity of more than one year : Indicate the uniform identification number, the date of issuance, date of expiry (enter 999/12/31 for the date of expiry for Alien Permanent Resident Certificate), and date of birth as specified on the certificate.

C. Minors: For natural persons under 20 years of age bear a Citizen’s ID Card or a relevant Taiwan Area Resident Certificate or Alien Resident Certificate with a validity of more than one year, the “declarant's ID number” on the Declaration Statement shall be provided in the item of “Individual” in accordance with the provisions in the preceding two items, and the legal representative of the minors shall also sign on the Declaration Statement at the “Signature of the Declarant and its responsible person” section.

(4) Non-residents:

A. Natural persons (including minors):

i. Holders of a relevant Taiwan Area Resident Certificate or Alien Resident Certificate with a validity of less than one year, and for citizens of Mainland China and residents of Hong Kong or Macao holding a Taiwan Entry and Exit Permit or a relevant entry document but not having resident status: Indicate the nationality as shown on the certificate or permit, the uniform identification number (or the permit number if there is no uniform identification number), and date of birth.

ii. Foreign passport holders, staffs of diplomatic missions in the Republic of China and their family members holding an identification card issued by the Ministry of Foreign Affairs, and persons holding a ROC passport but not having a Citizen’s ID Card: Indicate nationality, passport (certificate) number and date of birth.

B. Legal entities:

i. Non-resident legal entities: Shall authorize its representative or agent in the R.O.C. to act as the declarant. In its Declaration Statement, the said representative or agent shall write down his/her ID No. or certificate number and clearly specify the representation/ agency relationship.

ii. Foreign financial institutions: Shall authorize a local financial institution to act as the declarant. In its Declaration Statement, the said local financial institution shall write down the identification number on the establishment permit issued by the competent authorities and clearly specify the representation/agency relationship. However, a foreign institution outside the territory of the R.O.C. may not sell foreign exchange through inward remittances.

10.

10. Information written down in a Declaration Statement concerns the rights and obligations of a declarant. In case a Declaration Statement is filled out for a declarant by a third person, the declarant shall affix her/his seal or signature on the Declaration Statement after verifying the accuracy of all the declared items to specify explicitly his/her responsibility.

11.

11. Banking enterprises shall assist declarants to fill out the Declaration Statement carefully and truthfully. In the event that the nature of the settlement and the amount to be settled are inconsistent with the status or occupation of the declarant or contrary to the judgment of common sense, the Banking enterprise shall assist the declarant to declare truthfully before processing the settlement.

12.

12. In case a declarant uses a seal for a specific purpose on his Declaration Statement, the purpose of the seal shall be one for making settlements or relevant to the settlements.

13.

13. The amount stated in a Declaration Statement may not be corrected. If any other fact stated in the Declaration Statement is corrected, the declarant shall affix his/her seal or signature next to the correction.

14.

14. Banking enterprises shall check whether all items on a Declaration Statement are properly filled out. The nature of settlement shall be documented accurately in lieu of a remittance classification code. When there is more than one nature or currency of settlement, such natures, currencies and settlement amounts shall be seperatly indicated. The nature of settlement shall be declared according to the following provisions:

(1) The nature of foreign exchange receipt or transaction: Companies, firms, associations and individuals shall indicate the sources of their foreign exchange revenue; non-residents shall indicate the use of New Taiwan dollar proceeds from sale of foreign exchange.

(2) The nature of foreign exchange disbursement or transaction: Companies, firms, associations and individuals shall indicate the use of their foreign exchange proceeds; non-residents shall indicate the sources of New Taiwan dollar revenue for purchasing foreign exchange.

15.

15. For foreign exchange settlements where a customer first deposits inward remittances from abroad or the OBU of a domestic bank into his/her foreign currency deposit account and then withdraws the money, or remits money in through another domestic bank or through the OBU of a domestic bank, the banking enterprise shall take note of the following when assisting the customer in filing the declaration:

(1) The nature of settlement shall be the same as that of inward remittances from abroad or through the OBU of a domestic bank.

(2) For the “origin of remittance”, put down“domestic” in the case of withdrawal from foreign exchange deposit accounts or inward remittances from another domestic bank; put down “OBU of domestic bank” in the case of selling foreign exchange from inward remittances through the OBU of a domestic bank.

16.

16. If a customer buys foreign exchange and deposits it into his foreign currency deposit account or remits it to another domestic bank, and then remits the money again abroad or to the OBU of a domestic bank, or the customer buys foreign exchange and remits it to the OBU of a domestic bank directly, the banking enterprise shall take note of the following when assisting the customer in filing the declaration:

(1) The nature of the foreign exchange disbursement or transaction shall be the same as that of the outward remittance abroad or to the OBU of a domestic bank.

(2) As for the “ destination of remittances”, put down “domestic” in the case of money deposited in a foreign currency deposit account temporarily or remitted to another domestic bank; put down “OBU of domestic bank” in the case of money remitted to the OBU of a domestic bank.

17.

17. When a banking enterprise accepts a declarant's application for making a declaration of foreign exchange settlement via the Internet in accordance with Article 10 of the Regulations for Declaration, the related terms and conditions of the agreement between the banking enterprise and the declarant shall include matters prescribed in Article 11 of the Regulations for Declaration.

18.

18. Banking enterprises shall design online control programs according to declaration procedures which are applicable for making declarations in person at the Banking enterprise, provide online declaration instructions, the Regulations for Declaration and relevant provisions on the website, and assist declarants in making declarations through the Internet.

19.

19. When a declarant completes a foreign exchange settlement declaration through the Internet pursuant to Subparagraph 3, paragraph 1, Article 4 of the Regulations for Declaration, the banking enterprise shall use an online real-time enquiry system and count the amount of settlement toward aggregate settlement amount of the current yearto check the declarant's aggregate settlement amount for that year. The banking enterprise, before processing the declaration, shall verify that the above amount does not exceed the Annual aggregate settlement amount, and maintain the enquiry records on the declaration medium retained by the banking enterprise.

20.

20. Before processing a declarant’s declaration of foreign exchange settlement via the Internet prescribed in Article 5 of the Regulations for Declaration, the banking enterprise shall first verify the veracity of foreign exchange settlement documents provided, faxed, or scanned by the declarant. To facilitate future examination, the banking enterprise shall write down the amount and date of foreign exchange settlements, the Foreign Exchange Memo number and affix its signature or seal on the relevant documents.

21.

21. Banking enterprises may not alterfy any of the declarant's declaration data it preserves in electronic format.

22.

22. Before processing the declaration of foreign exchange settlement, a banking enterprise shall first verify that a declarant's registration certificate number indicated by a declarant according to the provisions of Point 9 herein is the same as the corresponding number on the declarant's identification document or primary registration information. The banking enterprise shall also verify the entrustment or delegation document for declaring settlement, and confirm that the foreign exchange involved in the receipts, disbursements, or transactions actually belongs to or is needed by the declarant before processing the declaration. A banking enterprise shall also notice that:

(1) If the declarant is a company, a limited partnership or a firm, the banking enterprise shall visit the website of Commerce Industrial Services Portal of the Ministry of Economic Affairs and go to “Enquiry of company registration” , “Enquiry of limited partnership registration”, or “Enquiry of business registration” to enquire and verify the registration information of the company, limited partnership, or firm.

(2) If the declarant is a non-resident under 20 years of age, the banking enterprise may verify the required documents in accordance with its internal operation procedure and applicable provisions of the Civil Code on a case-by-case basis.

23.

23. A banking enterprise shall verify that information recorded on the Declaration Statement is consistent with corresponding information on any contracts, letters of approval, or other evidencing documents related to the foreign exchange receipts, disbursements, or transactions before processing a declarant's foreign exchange settlement declaration in accordance with Article 5 of the Regulations for Declaration. Photocopies of the relevant evidencing documents shall be preserved for future reference. The banking enterprise shall be attentive and strive to prevent declarants from breaking up large settlements into smaller ones to evade the regulation in which evidencing documents shall be submitted to confirm transactions.

24.

24. Banking enterprises that handle declarations of foreign exchange settlements needed for direct investments, portfolio investments, or futures transactions approved by the competent authorities, or for investments that are filed ex-post with the competent authorities under the “Statute for Investment by Overseas Chinese” or “Statute for Investment by Foreign Nationals” shall comply with the provisions of attached Tables 1 through 8 concerning documents to be verified. For inward and outward remittances from and to Mainland Area, Banking enterprises shall in addition verify documents provided in Point 26 herein and notice the following:

(1) Investments in third areas (including indirect investments in Mainland China Area through a company registered in third area): Except for cases that make use of Annual Aggregate Settlement Amount and the amount of any single foreign exchange settlement exceeds the amounts specified in Subparagraphs 1 and 2, Article 5 of the Regulations for Declaration, in which the concrete foreign investment plan or relevant evidencing documents shall be verified, the banking enterprises shall verify documents specified in the attached Table 1 for other cases. But for indirect investments in Mainland China through a third-area company, the aggregate amount remitted out for any single investment case shall be limited to US$1,000,000; for any single investment case that exceeds US$1,000,000, the banking enterprise shall also verify the letter from the Ministry of Economic Affairs on indirect investment in Mainland China Area.

(2) Foreign exchange settlement cases that are declared in accordance with the provisions of attached Tables 1 through 8, and for which, the banking enterprise, after verified relevant evidencing documents, needs not count the settlement amount in the declarant’s aggregate settlement amount of the current year as provided in the attached tables. However for foreign exchange settlement against the New Taiwan dollar made by individuals for investment in a third area, the amount of settlement shall be counted in the declarant’s aggregate settlement amount of the current year, regardless of such investment has been approved by the competent authorities .

25.

25. Outward remittances of repayment of principal and interest payment on medium- and long-term external debts, banking enterprises shall comply with the provisions of attached Table 9 concerning documents to be verified.

For the amount of foreign exchange sold or purchased by a private enterprise in relation to funds borrowed overseas for which the enterprise has filled out the “Statement of Medium- and Long-Term External Debts by Private Enterprises” for the previous quarter that bears the approval stamp of the Department and subsequent repayments of principal and interest, banking enterprises shall first enquire online and count the amount in the aggregate settlement amount of the current year of the said enterprise. However, for exchange settlements relating to repayments of principal and interest, the banking enterprise may still process the settlements without obtaining the prior approval from the Department even if the said enterprise has used up its Annual Aggregate Settlement Amount.

26.

26. Banking enterprises that process outward remittances to and inward remittances from Mainland China Area shall comply with the provisions of attached Table 10 concerning documents to be verified and notice note of the following situations:

(1) Banking enterprises may not process inward or outward remittances for the purpose of direct investments and portfolio investments not approved by the competent authorities, or for other purposes not approved according to laws and regulations.

(2) Foreign exchange settlement against New Taiwan dollar for direct investment in Mainland China:

A. Outward remittances of equity investment or working capital: Except for individuals where the amount of settlement shall be counted in aggregate settlement amount of the current year, the amount of settlement needs not be counted in the aggregate settlement amount of the current year; for individuals, the amount of settlement shall be counted of the current year in case of companies, firms and associations.

B. Inward remittances: In case of companies, firms and associations, the amount of settlement needs not be counted in the aggregate settlement amount of the current year; in case of individuals, the amount of settlement shall be counted in the aggregate settlement amount of the current year. However, if the repatriation of funds which originally remitted out and counted in the declarant’s Annual Aggregate Settlement Amount, then the repatriation shall be excluded from the declarant’s Aggregate Settlement Amount of the current year.

(3) Foreign exchange settlement against New Taiwan dollar for portfolio investment in Mainland China:

A. Settlements carried out in accordance with the provisions of attached Table 4 or Table 11, the amount of settlement needs not be counted in the trustee’s or the principal’s aggregate settlement amount of the current year.

B. Settlements carried out in accordance with the provisions of attached Table 12 or in relation to an enterprise’s own portfolio investment, the amount of settlement shall be counted in the trustee’s or the principal’s aggregate settlement amount of the current year.

27.

27. Banking enterprises shall, based on the type of entrusted settlement, verify the following documents before processing the declaration of a company entrusted to settle foreign exchange (excluding Renminbi, unless otherwise stipulated by the Bank) against New Taiwan dollars in the name of the trustee in accordance with Paragraph 1, Article 8 of the Regulations for Declaration; Banking enterprises need not enquire the amount of settlement, nor counting it toward the trustee’s or the principal’s aggregate settlement amount of the current year:

(1)Declarations of foreign exchange settlements relating to salaries of foreign workers in Taiwan by private employment service organizations: The Declaration Statement completed by the service organization, the valid permit of the private employment service organization issued by the Ministry of Labor, the latest assessment certificate identifying the declarant as a “private employment service organization engaging in cross-border human resources service”, a power of attorney from foreign workers on foreign exchange settlement related to salaries (see sample as Attachment 5), and a detailed list of outward remittances of salaries on behalf of foreign workers in Taiwan (i.e. Attachment 6); and writing down the nature of settlement in the Declaration Statement as “remittances of salaries on behalf of foreign workers in Taiwan.”

(2)Declarations of foreign exchange settlements on behalf of customers by electronic payment institutions or approved institutions as defined in the “Regulations Governing Cooperating with or Assisting Foreign Institutions in Engaging in Activities Associated with Electronic Payment Business within the Territory of the Republic of China”: The Declaration Statement completed by the institution, business license or letter of approval (explicitly states that cross-border transactions are included) issued by the Financial Supervisory Commission ("FSC"), a power of attorney for declaration of foreign exchange settlement (when the contract entered into between the institution and customer explicitly states that the institution is entrusted to make foreign exchange settlements, a statement from the institution declaring that it has received the authorization of customers to make foreign exchange settlement may be presented in lieu of the power of attorney), and a detailed list of settlements (including the name of each customer, uniform business number or ID number, date of birth of each customer, name of product transacted or type of service, foreign currency and amount settled).

(3)The settlement amount on the detailed list of settlements shall be the same with the actual settlement amount. If the settlement amount or other contents are found to be unreasonable or abnormal, the banking enterprise shall request the trustee to provide all documents and relevant information, and may process such settlement only after verifying the settlement is consistent with what has been declared.

28.

28. Banking enterprises shall verify relevant documents provided in attached Table 11 before processing declarations of foreign exchange settlements against New Taiwan dollars made by enterprises engaging in businesses listed in the same table with the consent or approval of the Bank or the FSC; Banking enterprises need not enquire the amount of settlement, nor counting it in the trustee’s or the principal’s aggregate settlement amount of the current year, but shall observe the following:

(1) Unless it is otherwise regulated by the Bank, banking enterprises shall not process declarations of foreign exchange settlements involving Renminbi made by trustees on behalf of principals for buying or selling renminbi-denominated investment products.

(2) When the destination of outward remittance or the origin of inward remittance is Mainland Area, banking enterprises shall verify documents specified in Point 26 herein.

29.

29. Banking enterprises shall verify relevant documents specified in attached Table 12 before processing the declarations of foreign exchange settlements against New Taiwan dollars made by enterprises engaging in businesses listed in the same table approval of the Bank or the FSC; Banking enterprises shall key in the amount of settlement online for enquiring and counting it in the principal’s aggregate settlement amount of the current year. However if the repatriation of funds which originally remitted out and counted in the principal’s Annual aggregate settlement amount may be settled without being counted in the principal’s aggregate settlement amount of the current year upon the presentation of a statement made by the principal. Banking enterprises shall also observe the following:

(1) Unless it is otherwise regulated by the Bank, banking enterprises shall not process declarations of foreign exchange settlements involving renminbi made by trustees on behalf of principals for buying or selling renminbi- denominated investment products.

(2) When the destination of outward remittance or the origin of inward remittance is Mainland Area, banking enterprises shall verify documents provided in Point 26 herein.

30.

30. To correct the content of a Declaration Statement, a declarant shall submit an application along with the following documents to the Bank through the original handling banking enterprise:

(1) Correction of declaration of foreign exchange settlements against the New Taiwan dollars:

A. A declarant unintentionally making an untruthful declaration: Submit an opinion letter issued by a lawyer, an accountant or a banking enterprise indicating that the untruthful declaration was unintentional, the relevant supporting documents, the original Declaration Statement and the Foreign Exchange Purchase (Sale) Memo (those who declared via the Internet shall submit the Declaration Statement and the Foreign Exchange Purchase (Sale) Memo printed by the banking enterprise), and the corrected Declaration Statement and the Foreign Exchange Purchase (Sale) Memo. The content of the opinion letter shall include the declarant's name, the settlement date and amount, the content of the original declaration, the correct content of the declaration, and the reason for making the correction.

B. A declarant intentionally making an untruthful declaration, and having already been penalized pursuant to Paragraph 1, Article 20 of Foreign Exchange Control Act: Submit the receipt of the fine paid, the corrected Declaration Statement, the Foreign Exchange Purchase (Sale) Memo and the relevant supporting documents.

(2) Correction of the certificate of foreign exchange settlements for export/import or other transaction certificates: Submit the original certificates drawn by the banking enterprise (those who declared via the Internet shall submit the certificates printed by the banking enterprise), the corrected certificates, and documents supporting the correction.

(3) Correction of Foreign Exchange Purchase (Sale) Memo with the amount less than 500,000 New Taiwan dollars: Submit the original Foreign Exchange Purchase (Sale) Memo drawn by the banking enterprise (those who declared via the Internet shall submit the memo printed by the banking enterprise), the corrected Foreign Exchange Purchase (Sale) Memo, and documents supporting the correction.

The banking enterprise shall make photocopies of relevant documents and information supporting the correction of the content of the Declaration Statement mentioned in the preceding paragraph and keep the photocopies along with the original declaration information for future reference.

31.

31. When processing a declarant's declaration of foreign exchange settlement, a banking enterprise shall verify the relevant supporting documents in accordance with the attached tables of the Directions and the related regulations stipulated by the Bank. At the same time, the banking enterprise shall request the declarant to present the relevant supporting documents for verification, and after annotating the date and amount of the settlement on the relevant documents and affixing the banking enterprise's signature/seal thereon, produce a photocopy of those documents and keep the photocopies along with the top copy of the Declaration Statement for future reference without submitting them to the Department. The reporting concerning the rest of the information shall be carried out in accordance with relevant provisions of the “Directions Governing Banking Enterprises for Operating foreign exchange business”.